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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Assets    
Real estate securities, at fair value $ 133,780 $ 170,619
MSRs 239,552 310,953
Other investments [1] 679,667 641,969
Derivative assets [1] 36,587 26,467
Liabilities    
Derivative liabilities [1] 6,591 3,317
ABS issued 7,993,953 8,843,147
Fair Value, Measurements, Recurring    
Assets    
Business purpose loans 5,202,938 4,790,989
Consolidated Agency multifamily loans 443,114 473,514
Real estate securities, at fair value 284,278 377,411
Servicer advance investments 273,210 350,923
MSRs 23,560 12,438
Excess MSRs 40,803 44,231
HEIs 276,366 192,740
Other investments 10,869 17,574
Derivative assets 36,587 26,467
Liabilities    
HEI securitization non-controlling interest 25,422 17,035
Derivative liabilities 6,591 3,317
ABS issued 7,993,953 8,843,147
Fair Value, Measurements, Recurring | Residential Loans    
Assets    
Residential loans 6,578,566 7,592,398
Fair Value, Measurements, Recurring | Level 1    
Assets    
Business purpose loans 0 0
Consolidated Agency multifamily loans 0 0
Real estate securities, at fair value 0 0
Servicer advance investments 0 0
MSRs 0 0
Excess MSRs 0 0
HEIs 0 0
Other investments 0 0
Derivative assets 4,979 2,906
Liabilities    
HEI securitization non-controlling interest 0 0
Derivative liabilities 3,619 1,563
ABS issued 0 0
Fair Value, Measurements, Recurring | Level 1 | Residential Loans    
Assets    
Residential loans 0 0
Fair Value, Measurements, Recurring | Level 2    
Assets    
Business purpose loans 0 0
Consolidated Agency multifamily loans 0 0
Real estate securities, at fair value 0 0
Servicer advance investments 0 0
MSRs 0 0
Excess MSRs 0 0
HEIs 0 0
Other investments 0 0
Derivative assets 29,601 18,928
Liabilities    
HEI securitization non-controlling interest 0 0
Derivative liabilities 2,445 1,251
ABS issued 0 0
Fair Value, Measurements, Recurring | Level 2 | Residential Loans    
Assets    
Residential loans 0 0
Fair Value, Measurements, Recurring | Level 3    
Assets    
Business purpose loans 5,202,938 4,790,989
Consolidated Agency multifamily loans 443,114 473,514
Real estate securities, at fair value 284,278 377,411
Servicer advance investments 273,210 350,923
MSRs 23,560 12,438
Excess MSRs 40,803 44,231
HEIs 276,366 192,740
Other investments 10,869 17,574
Derivative assets 2,007 4,633
Liabilities    
HEI securitization non-controlling interest 25,422 17,035
Derivative liabilities 527 503
ABS issued 7,993,953 8,843,147
Fair Value, Measurements, Recurring | Level 3 | Residential Loans    
Assets    
Residential loans $ 6,578,566 $ 7,592,398
[1] Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At June 30, 2022 and December 31, 2021, assets of consolidated VIEs totaled $9,951,520 and $10,661,081, respectively. At June 30, 2022 and December 31, 2021, liabilities of consolidated VIEs totaled $8,899,020 and $9,619,347, respectively. See Note 4 for further discussion.